Memin is heating up again-is the Memin season back?

Meme coin trading once again showed signs of recovery after several months of silence. Traders are re-opening positions in large-scale Meme coins such as DOGE. At the same time, Pump.fun's PUMP token has risen due to heated discussions on social media, and Robinhood Chain has also become a new center for Meme coin trading.

However, the overall market remains weak. Open interest contracts in DOGE and Shiba Inu (SHIB) continued to rise, but have not yet translated into price increases. Activity on Pump.fun is still well below its 2024 highs, while the total market value of Meme coins has fallen nearly 20% in the past month, according to CoinMarketCap data. The question is whether these isolated signs of activity are initial signs of a broader recovery in Meme or another brief rotation.

"The emotional rebound in the cryptocurrency 'trenches' is real," Galaxy researcher Will Owens said in a July report. But he added that the sentiment was "speculative, narratic-driven, and pointed to what was going fastest."

Is Meme coin planning a rebound?

Dogecoin traders are returning

Large-market Meme is attracting more speculative positions, but the price has not yet broken through. According to CoinGlass data (quoted by FXStreet), on July 20, open interest contracts in dogcoin perpetual futures rose to 14.74 billion DOGE, up from 12.01 billion on June 11. Open interest contracts in Shiba Inu also rebounded from a low of about 5 trillion SHIBs at the end of June to nearly 8 trillion.

However, the increased position has not yet translated into continued price increases. On July 23, DOGE traded at around $0.069, still below its 50-day exponential moving average. For Meme's rally to be more broadly established, growing speculative interest ultimately needs to be reflected in price.

"Bulls need to recover key resistance levels before any sustained recovery can begin," cryptocurrency market analyst Token Talk said in a July tweet.

Net open interest in dogcoin continues to rise

Robinhood Chain finds its own Meme trade

One of the strongest outbreaks of Meme coin speculation occurred on Robinhood Chain. Robinhood launched the blockchain's main network on July 1, focusing on tokenized stocks and real-world assets. However, Meme coins quickly became the main source of activity. Cash Cat (CASHCAT) surged more than 2000% in the seven days ending July 13. According to the FalconX report (quoted by Crypto.news), as of July 21, Robinhood Chain's cumulative DEX transaction volume was close to US$9 billion, of which Meme coins reportedly accounted for more than 80%.

CASHCAT and other Robinhood Chain tokens are still relatively new, so it's unclear whether this surge indicates persistent demand or an incipient speculative boom that fades as the network matures. "Attention is the most abundant but least durable asset in cryptocurrencies," Owens said. Robinhood Chain has become a trading place for Meme coins.

PUMP rebounds, Pump.fun slows down

Pump.fun sends another mixed signal for the Meme coin market. As of mid-June, the seven-day average share of tokens graduating from the Solana launch pad had dropped to 0.26%, down 80% in three months. Average daily income in June was approximately $800,000, compared with $4.8 million six months ago.

Despite this, PUMP rose about 20% on July 20 after cryptocurrency influencer Ansem made bullish comments on social media. The rally shows that speculative interest can still quickly return to Meme-related tokens. But the PUMP breakthrough alone does not mean that traders will return to the thousands of new tokens launched through Pump.fun. The broader recovery requires a rebound in activity on underlying platforms, including transactions, revenue and successful token offerings.

Ansem is optimistic. He said he believed "SOL will dominate retail activity again in this cycle, and if that happens, Pump.fun is likely to be the main beneficiary of that activity."

The broader market still needs to follow up

The broader cryptocurrency market has yet to confirm a continued return in risk appetite. On July 20, cryptocurrency futures trading volume surged to US$127 billion, an increase of 81%, while total open interest was flat at US$111 billion, indicating an increase in trading volume but no significant new positions emerged. For a true Meme coin cycle to occur, these activities need to translate into broader, more sustained price increases. Until then, Meme deals were heating up, but the broader boom had not yet arrived.

"A rebound in Meme is still possible, but historically it has been more difficult to sustain than in previous cycles," Sand analysts wrote in July.